在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

US EUROPE AFRICA ASIA 中文
Business / Markets

Crackdown on graft encourages bullish sentiment

By Bloomberg (China Daily) Updated: 2014-08-07 07:14

Crackdown on graft encourages bullish sentiment

The Shanghai Composite Index has gained 4.8 percent this year after rebounding 11 percent from its January low. The country's crackdown on graft is expected to inspire bullish sentiment. Shi Yan / China Daily

China's anti-graft drive has gotten Cheah Cheng Hye more bullish on Chinese mainland stocks than at any time since valuations plunged in the global financial crisis six years ago.

The chairman of Hong Kong-based Value Partners Group, whose $547 million Value Partners China Greenchip Fund returned annualized 13 percent gains during the past five years to beat 134 peers tracked by Bloomberg, is predicting a further gain of about 15 percent for the benchmark Shanghai Composite Index by year-end.

While President Xi Jinping's anti-corruption measures may be a short-term drag on growth, they will make State-owned enterprises more efficient and help curb excessive debt, he said.

The call by Cheah, 60, who was dubbed the Warren Buffett of Asia by Apollo Global Management's Tan Chin Hwee for his long-term track record of picking undervalued stocks, pits him against Tom DeMark, the developer of market-timing indicators who forecast on Monday that the rally may end within days.

"We are seeing that the anti-corruption campaign is for real," Cheah said in an interview in Shanghai on Saturday. "This is giving a lot of encouragement to investors."

Xi's campaign to rein in graft reached new heights last week as the government announced an investigation of former Politburo Standing Committee member Zhou Yongkang, the highest-level corruption investigation since the Communist Party of China came to power more than 60 years ago.

The anti-corruption measures will improve the quality of China's economic growth and bolster investor confidence, Cheah said.

Gross domestic product will expand 7.4 percent this year, according to the median of 54 economist forecasts compiled by Bloomberg, compared with 7.7 percent in 2013 and 10.4 percent in 2010.

"The kind of growth you get from corruption is what we call useless growth," said Cheah, whose firm manages about $10.5 billion. "Investors are willing to accept a lower growth rate in China. Maybe 6.5 percent growth is OK."

China also needs to improve corporate governance if it wants to lure back investors after a 60 percent slump for the Shanghai Composite since the start of 2008, Cheah said.

The Shanghai gauge fell 0.1 percent to 2,217.47 at the close on Wednesday. It has gained 4.8 percent this year after rebounding 11 percent from its January low. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong entered a bull market on July 28 with a 20 percent rally from its March low, and has climbed 1.3 percent this year.

Crackdown on graft encourages bullish sentiment Crackdown on graft encourages bullish sentiment
Investors hesitate before stock link 
  Top 10 underwriters in China

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 国产欧美日本 | 中文字幕一区二区三区在线观看 | 亚洲一区高清 | 亚洲黄色一级 | 五月天婷婷影院 | 欧美资源在线 | 国产精品一区二区久久 | 国产1级片 | 久久久久久中文字幕 | 日韩在线免费播放 | 免费在线播放av | 青青综合| 97超碰人人 | japanese极品丰满少妇 | 日韩免费一区二区 | 日本在线小视频 | 欧美在线 | 中文字字幕在线中文 | 久久精品国产视频 | 午夜不卡视频 | 日本黄色片视频 | 91精品国产成人www | 日韩中文字幕视频 | 国产欧美日韩综合精品 | 成人精品一区二区三区 | 天天操夜夜| 乱色av| 国产成人免费在线视频 | 亚洲欧美日韩在线 | 色哟哟av| 亚洲成人av一区二区 | 日韩欧美精品一区二区 | 久久一级片 | 天堂在线中文资源 | 黄色小视频免费看 | 深夜福利网址 | av一级在线| 欧美日韩在线观看视频 | 国产精品久久久国产盗摄 | 蜜臀av中文字幕 | 久久亚洲国产 |